THEGEVE: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
THEGEVE
Largest movements
- Receivables within one year -€51,033
down €51,033 (-7.6%), from €673,776 to €622,743
of which Other amounts receivable: -€46,086
- Tangible fixed assets -€47,508
down €47,508 (-5.4%), from €874,587 to €827,079
of which Land and buildings: -€36,232
- Profit (loss) carried forward -€86,729
down €86,729 (-58.4%), from -€148,385 to -€235,113
- Current portion of long-term debt -€24,412
no longer reported in 2025 (was €24,412)
- Trade debts +€19,751
up €19,751 (+1026.5%), from €1,924 to €21,675
- Financial charges -€147,002
down €147,002 (-99.7%), from €147,427 to €424
- Gross operating margin -€94,467
down €94,467, from €71,311 to -€23,156
- Depreciation -€9,713
down €9,713 (-17.0%), from €57,221 to €47,508
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,597,185 | €1,498,317 | -€98,868 | -6.2% |
| Fixed assets | 21/28 | €913,552 | €866,044 | -€47,508 | -5.2% |
| Tangible fixed assets | 22/27 | €874,587 | €827,079 | -€47,508 | -5.4% |
| Land and buildings | 22 | €863,215 | €826,983 | -€36,232 | -4.2% |
| Plant, machinery and equipment | 23 | €346 | €96 | -€250 | -72.3% |
| Furniture and vehicles | 24 | €11,026 | - | -€11,026 | |
| Financial fixed assets | 28 | €38,966 | €38,966 | = | 0.0% |
| Current assets | 29/58 | €683,633 | €632,273 | -€51,360 | -7.5% |
| Amounts receivable within one year | 40/41 | €673,776 | €622,743 | -€51,033 | -7.6% |
| Trade receivables | 40 | €4,947 | - | -€4,947 | |
| Other amounts receivable | 41 | €668,830 | €622,743 | -€46,086 | -6.9% |
| Current investments | 50/53 | €635 | - | -€635 | |
| Cash at bank and in hand | 54/58 | €5,950 | €584 | -€5,365 | -90.2% |
| Deferred charges and accrued income | 490/1 | €3,272 | €8,945 | +€5,673 | +173.4% |
| Total equity and liabilities | 10/49 | €1,597,185 | €1,498,317 | -€98,868 | -6.2% |
| Equity | 10/15 | €1,441,355 | €1,354,626 | -€86,729 | -6.0% |
| Contributions | 10/11 | €375,000 | €375,000 | = | 0.0% |
| Reserves | 13 | €1,214,740 | €1,214,740 | = | 0.0% |
| Non-distributable reserves | 130/1 | €37,500 | €37,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €1,177,240 | €1,177,240 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€148,385 | -€235,113 | -€86,729 | -58.4% |
| Amounts payable | 17/49 | €155,830 | €143,691 | -€12,139 | -7.8% |
| Amounts payable after more than one year | 17 | €3,073 | €3,073 | = | 0.0% |
| Financial debts | 170/4 | €3,073 | €3,073 | = | 0.0% |
| Amounts payable within one year | 42/48 | €152,758 | €140,618 | -€12,139 | -7.9% |
| Current portion of amounts payable after more than one year | 42 | €24,412 | - | -€24,412 | |
| Trade debts | 44 | €1,924 | €21,675 | +€19,751 | +1026.5% |
| Suppliers | 440/4 | €1,924 | €21,675 | +€19,751 | +1026.5% |
| Taxes, remuneration and social security | 45 | €4,046 | €483 | -€3,563 | -88.1% |
| Taxes | 450/3 | €4,046 | €483 | -€3,563 | -88.1% |
| Other amounts payable | 47/48 | €122,376 | €118,460 | -€3,916 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,221 | €47,508 | -€9,713 | -17.0% |
| Other operating charges | 640/8 | €14,817 | €15,410 | +€593 | +4.0% |
| Gross operating margin | 9900 | €71,311 | -€23,156 | -€94,467 | |
| Operating profit (loss) | 9901 | -€727 | -€86,074 | -€85,347 | -11745.9% |
| Financial income | 75/76B | €2 | €20 | +€17 | +778.5% |
| Recurring financial income | 75 | €2 | €20 | +€17 | +778.5% |
| Financial charges | 65/66B | €147,427 | €424 | -€147,002 | -99.7% |
| Recurring financial charges | 65 | €147,427 | €424 | -€147,002 | -99.7% |
| Profit (loss) for the period before taxes | 9903 | -€148,151 | -€86,478 | +€61,673 | +41.6% |
| Income taxes | 67/77 | €234 | €251 | +€17 | +7.3% |
| Profit (loss) for the period | 9904 | -€148,385 | -€86,729 | +€61,656 | +41.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€148,385 | -€86,729 | +€61,656 | +41.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.